Binance Kazakhstan has recently expanded its offerings by introducing trading for various new cryptocurrency pairs, including tokens of so-called Telegram slippers.
One of the standout tokens is Notcoin, which made headlines in May by distributing free money and setting a trend for the year. Another notable project is DOGS, which rewarded users based on their Telegram usage age and completion of simple tasks.
Couldn’t These Tokens Be Sold Before?
Here’s the catch: in Kazakhstan, cryptocurrency trading is legally permitted only on exchanges registered with the Astana International Financial Center (AIFC). Binance is among these registered exchanges. Only now has the option to legally transfer these tokens to an exchange and sell them become available.
Taxes
According to current legislation, taxes are levied on the profit margin. For instance, if you buy Bitcoin for $70,000 and sell it for $100,000, the taxable income is $30,000.
However, for tokens distributed for free, like those from games such as Hamster Combat, taxes must be paid on the total amount realized from their sale. The State Revenue Committee explains:
“When cryptocurrency is received through games like Hamster Combat, the individual income tax is calculated on the full sale amount since the taxpayer incurs no expenses to acquire the cryptocurrency.”
Declaration
Declarations must be submitted independently by March 31 of the year following the tax period. Income is reported using the individual income tax form (Form 240.00).
Trade Outside Kazakhstan
Trading outside Kazakhstan is considered illegal. Starting next year, automatic data exchange with foreign exchanges will be implemented. Tax authorities will receive information from exchanges located in countries participating in the data exchange agreement, even if those exchanges are not directly represented in Kazakhstan.
Leave a Reply